SIIG approves 5% cash dividend for 2016

The Saudi Industrial Investment Group’s (SIIG) extraordinary general meeting (EGM) has approved a 5 percent cash dividend at SAR 0.5 a share, totaling SAR 225 million for 2016, the company said in a bourse statement.

Shareholders of record on the general meeting date are entitled to receive this dividend as of April 30, 2017.

During the meeting, shareholders authorized the board of directors to pay quarterly or semiannual dividend, in line with the company’s financial position.

Shareholders were also said to have discharged board members from liability associated with their activities in 2016, and selected an external auditor for 2017.

In addition, shareholders endorsed SAR 1.8 million in board bonuses for 2016, and approved SAR 18.6 million in contracts signed between Jubail Chevron Phillips Company and Arabian Chemical Company (Latex) as well as SAR 1.1 million in contracts inked with National Petrochemical Co. (Petrochem) last year.